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Linda Shein Managing Director, Wharton’s Baker Retail Center€¦ · 44 • Fortune 500...
Transcript of Linda Shein Managing Director, Wharton’s Baker Retail Center€¦ · 44 • Fortune 500...
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• Fortune 500 turnaround• P&L division leadership• Retail startup experience • SiriusXM Business Radio occasional co-host• CBS News interviews as retail expert• Board Director (including Weaver’s Way Co-op) • Harvard MBA
Linda Shein Managing Director, Wharton’s Baker Retail Center
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Wharton’s Baker Center Advisory Board
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Baker Director’s Council: Retail Innovators Board
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EVERYTHING has changed yet
NOTHING has changed.
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The Customer is still King (or Queen). But now we must serve her seamlessly across multiple
touchpoints with personalized and engaging experiences.
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Knowledge. Is. Power.
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The Omnichannel Equation “the whole is greater than the sum of the parts”
1 + 1 = 3Omnichannel shoppers spend up to:
- 7x more per year than store-only buyers & - 9x more than online-only customers
Source: Sports Authority Omnichannel Initiative
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Source: US Department of Commerce; Internet Retailer
Ecommerce growth over 10 years
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Source: US Department of Commerce; Internet Retailer
E-Commerce Sales % of Total Retail
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Mobile Has Become Primary Device for Online Activity
89%77%
68%56%
42%
11%23%
32%44%
58%
0%
20%
40%
60%
80%
100%
2011 2012 2013 2014 2015
Non-Mobile
Mobile
Percent of Online Retail Activity
Source: Internet Retailer 2014; eMarketer 2015; analysis
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Mobile shoppers buy furniture
Apparel23% Spor;ngGoods19%
Furniture10%
Health/Beauty11%
Electronics8%PetSupplies6%Groceries5%
Books/Music/Games5%
AutoEquipment3%Toys/Kids/Baby2%OfficeSupplies1%
Source: Internet Retailer 2015
Mobile Purchase Percent Of Total eCommerce Category
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69%48% 39% 29%
0%
20%
40%
60%
80%
Researchonline
Reviewsites SocialMedia Storesite
% Shoppers Using Pre-Commerce Online Sources
Source: Internet Retailer 2015
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51%
28% 21%
0%
10%
20%
30%
40%
50%
60%
OwnDevice Kiosk/Display SalesAssociate
Shoppers Prefer Their Own Device For In-Store Assistance
In-Store Assistance:
• Price Lookup
• Product Information
• Item Availability
• Locate Product In-Store
Source: Deloitte Retail Study 2013
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Virtual & Augmented Reality: A Reality VR: digital recreation of real life AR: virtual elements overlayed on real world
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Bonobos opens storesthat don’t sell anything
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Webrooming & Showrooming:An Omnichannel Phenomenon
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68%
32%
Yes No
70%
30%
Yes No
Browse in-store; buy online Showrooming Webrooming
Browse online; buy in-store Have you ever intentionally browsed products at a store, but decided to buy them online?
Have you ever intentionally browsed products online, but decided to buy them at a store?
Source: Global PwC 2015 Total Retail Survey
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Instacart: Costco, Whole Foods, Co-ops
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Food is the new black
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Thank you!Linda Shein
Managing Director, Baker Retail CenterThe Wharton School
University of Pennsylvania linkedin.com/in/lindashein